North America

Tesla has failed to convince a federal court to dismiss a lawsuit filed by a woman who died after a Model S equipped with Autopilot ran off the road at Key Largo in Florida. This could lead to a trial next month. U.S. District Court Judge Beth Bloom said that the estate of Naibel and Dillon Angulo may bring design defect and failure-to-warn claims against Elon Musk's billionaire automaker and seek punitive damage. The trial for July 14 has been scheduled. Tesla's lawyers and plaintiffs have not responded to comments made by the media. Tesla, located in Austin, Texas has...

The head of the national regulator announced that Ivory Coast will increase its domestic cocoa production to 50% within two years. This is up from the current 42%, he said. Yves Brahima Kone, the managing director of Ivory Coast’s Coffee and Cocoa Council, said that cocoa processing was essential to boost local industry and support economic growth. Kone, who spoke at the opening of the Abidjan plant in Abidjan, the commercial capital of Ivory Coast's country, said that the Ivory Coast has invested to boost the domestic industry. He said that five plants will be completed and operational in two...

The Gulf stock markets rose early on Thursday. They extended gains from previous sessions, amid rising oil costs and a perceived ceasefire between Israel & Iran. Donald Trump, the U.S. president, praised the rapid end of the air war between Iran & Israel. He said Washington will likely ask Tehran to commit to ending its nuclear ambitions during next week's talks with Iranian officials. Saudi Arabia's benchmark index rose 0.2% in a fourth consecutive session. Most sectors were also up. Saudi Aramco, the oil major, added 0.3%. Red Sea International rose 3%. Red Sea, a modular house manufacturer in Saudi...

The British outsourcing company Serco announced on Thursday that its North American market will drive organic growth during the first half 2025. This is due to a large volume of contracts in defence won last year. Serco, a company that provides government with services in the areas of security, immigration and health, and defence, has been positioned to profit from geopolitical tensions as countries increase their defence budgets and strengthen their security and military services. Serco has grown its defense business to around 40% of the total revenue, following the acquisition of Northrop Grumman’s Mission Training and Satellite Ground Network...

Qatar Airways announced on Wednesday that it had rebooked all 20,000 passengers on flights diverted Monday night because Iran fired missiles at a U.S. base in the Gulf Country. launched A missile attack was launched on Al Udeid Air Base, Doha, after the U.S. joined Israel in its attacks on Iranian nuclear facilities. This was a threat to escalate tensions in the region before an announcement of a ceasefire by Israel and Iran. Qatar, Kuwait and Bahrain were forced to temporarily close their airspace while Dubai's airports in the United Arab Emirates also briefly stopped operations. Closures are a great...

According to a copy of a letter and a source familiar with the issue, the U.S. informed Enterprise Products and Energy Transfer that they could load ethane onto vessels bound for China but not unload it at a Chinese port without permission. The U.S. Department of Commerce sent the letters after notifying the companies of the requirement for a license on exports of Ethane to China. A person with knowledge of the situation said that it is unlikely that the companies would risk sending the vessels on their way after loading ethane onto them. The companies may have to pay...

The Brazilian courts are seeking to overturn the competition rules that prevent global shipping groups from taking part in the first round bidding for a new major container terminal to be built at Latin America's biggest port. This is due to happen later this year. According to a document obtained by, the Danish shipping company Maersk sued Brazil's marine transportation authority (Antaq) and its general manager on Monday in Sao Paulo. The lawsuit demanded "procedural corrections to ensure a fair procedure" for the assignment of the Tecon 10 Terminal at the Port of Santos. The Brazilian federal audit court, TCU,...

UK's Warehouse REIT has accepted a 485.2-million-pound ($661-million) takeover bid from Tritax Big Box REIT. This is a departure from the previous agreement with Blackstone, which was reached in early June. Tritax's offer of cash and stock values Warehouse at approximately 114.2 pence per Share as of June 24, the same day the agreement was announced. The offer also includes up to 1.6 pence in quarterly dividends per Warehouse share. Blackstone offered 110.6 pence for each Warehouse share or approximately 470 million pounds. The offer also included a 1.6-penny dividend per share. Warehouse Chair Neil Kirton stated in a press...

Verizon Business announced on Wednesday that it has been awarded a contract for the construction of multiple private 5G networks in Thames Freeport, Britain's largest shipping and logistic center. In partnership with Nokia Finland, Verizon will deploy private 5G network across multiple industrial sites, including Ford's largest London Manufacturing Facility and major ports, along the River Thames Estuary. Private 5G networks offer dedicated connectivity, which avoids congestion and speed variations on public networks that are shared by many users. This enables advanced industrial applications such as Artificial Intelligence (AI). The adoption of 5G in European ports has not yet reached...

The top U.S. Diplomat for Africa dismissed Tuesday allegations of unfair U.S. Trade Practices and said that delays in funding would not derail an important railway project connecting Angola with Zambia and the Democratic Republic of Congo. African Union officials questioned on Monday how Africa could strengthen trade ties with America under what they called abusive tariff proposals and tightening of visa conditions that primarily target travellers from Africa. "There is not a visitation ban," said Ambassador Troy Fitrell during a Luanda Business Summit press conference. He stated that the U.S. Consulates continue to issue visas, though some have shorter...

The operations at the two busiest airports on the planet, Doha and Dubai, slowed down to a crawl Tuesday. Thousands of passengers faced long delays and cancellations due to the temporary closure of the airspace the day before. Qatar, Bahrain and Kuwait closed their airspace on Monday night after Iran struck a U.S. base in Doha, the capital of Qatar. This forced airlines to cancel hundreds of flights or reroute them, creating a queue of passengers stranded. Dubai airports in the United Arab Emirates temporarily halted their operations. U.S. president Donald Trump announced that a ceasefire had been reached between...

Mumbai International Airport Ltd., a subsidiary Adani Airport Holdings has received a $750m investment from a group of affiliates of Apollo managed funds and other long term backers. The U.S. private equity group announced this on Monday. Apollo announced in a press release that the four-year notes would be used to refinance current debt with an option of raising an additional $250,000,000. Adani Airports Holdings (the airport division of Adani Enterprises) secured a $750m investment from a group of international banks earlier this month. Bloomberg reported in June that the unit would be separated and listed on the stock exchange...

FedEx shares dropped on Wednesday, after the logistics giant predicted a current-quarter loss below expectations. This was due to U.S. Tariffs and President Donald Trump’s decision to remove duty-free status for certain consumer shipments coming from China. In premarket trading, shares of FedEx fell 6% while UPS dropped 1%. DHL, a German competitor, also fell by nearly 2%. The global demand environment is volatile, said CEO Raj Subramaniam, during an earnings webcast. However, the company did not provide revenue and earnings forecasts for the full year, citing uncertainties regarding U.S. Trade Policies. FedEx and UPS are seen as economic bellwethers...

FedEx shares fell nearly 6% on Wednesday in premarket trade after the logistics giant warned of a challenging year and predicted earnings for the current quarter below expectations. This is due to the pressures from U.S. Tariffs, which are causing global demand to be volatile. The global demand environment is volatile, said CEO Raj Subramaniam, during an earnings webcast. However, the company did not provide revenue and earnings forecasts for the full year, citing uncertainties regarding U.S. Trade Policies, especially those relating to China. In April, the Trump administration imposed tariffs of 145% on China, which intensified the global trade...

FedEx's forecast for the current period fell short of the analysts' expectations, sending the shares down by more than 5% after-hours. According to LSEG data, the Memphis-based firm forecasts a fiscal first quarter adjusted loss of $3.40 to $ 4 per share. This is below analyst estimates of $4.06 a share. The firm's better-than expected results for the fiscal quarter ending May 31 were overshadowed by the outlook. Cost cuts and increased export volumes drove operating margins up. The adjusted profit for the fourth quarter fiscal ended May 31 was $1.46billion, or $6.07 a share. This is up from $1.34billion,...

FedEx posted a better-than expected quarterly profit after cost reductions and increased export volumes drove operating margins up. The company signaled caution with a forecast that fell short of the analysts' target for the current quarter. Memphis-based package delivery company's adjusted profit for the fourth quarter fiscal ended May 31 was $1.46billion, or $6.07 a share. This was an increase from the adjusted profit of $5.41 per shares, or $1.34 billion a year ago. The revenue was only up 0.5% at $22.2 billion. According to LSEG data, analysts expected an average earnings per share of $5.81 on revenues of $21.79...

U.S. stock prices rose more than 1% Tuesday, as investors welcomed the fragile truce between Israel and Iran. They also listened to Federal Reserve Chair Jerome Powell’s testimony before Congress for clues about how the U.S. Central Bank will proceed. The three major U.S. indexes ended their second session in a row with solid gains after U.S. missile attacks on Iran's uranium-enrichment facilities. The benchmark S&P 500 is now within striking distance of the all-time high it reached on February 19, Donald Trump, the U.S. president, announced late Monday that Israel had violated a ceasefire agreement. Investors viewed the rhetoric...

Wall Street rose on Monday, as the prospect of the U.S. Federal Reserve reducing interest rates by as early as July offset concerns that Iran could disrupt crude transportation in the Middle East. All three major U.S. indexes ended the day higher. The consumer discretionary sector led the gains, with Tesla providing a strong boost. "The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks have ended the uncertainty about whether or not the U.S. would attack. Hatfield said, "The market is...

Wall Street gained on Monday, as fears of Iran retaliating against U.S. Airstrikes and escalating the Middle East war were offset by the prospect that the U.S. Federal Reserve would cut interest rates in July. All three major U.S. indexes rose modestly as a result of a broad rally. The consumer discretionary sector led the gains, with Tesla providing a strong boost. "The rally was a little surprising," said Jay Hatfield. He is the CEO and portfolio manager of InfraCap, a New York-based company. In a sense, the U.S. attacks has ended the uncertainty about whether or not the U.S....

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Tesla released a small fleet of self-driving cabs to pick up paying passengers in Austin, Texas on Sunday. Elon Musk announced the "robotaxi" launch and social media influencers posted videos of their initial rides. Frederick Smith, the founder of FedEx Corp. and former CEO, died at the age 80. Smith founded the global delivery conglomerate in the 1970s with over a dozen aircraft. The U.S. Judge on Sunday ordered Kilmar Garcia,...

Senate Republicans can't force the U.S. The Senate Parliamentarian stated late Sunday that the U.S. Postal Service will be forced to eliminate thousands of electric vehicles, charging equipment and other items in a massive budget and tax bill. The U.S. Postal Service currently has 7,200 electric vehicles, consisting of Ford e-Transit vehicles and specially built Next Generation Delivery Vehicles by Oshkosh Defense. The U.S. Postal Service has 7,200 electric vehicles consisting of Ford e-Transit and Next Generation Delivery Vehicles specially designed by Oshkosh Defence. USPS warned that abandoning its electric vehicles could cost $1.5 billion. This includes $1 billion for...

FedEx Corp.'s former CEO Frederick Smith has passed away, according to a memo posted by the CEO Raj Subramaniam on the company website. Smith founded the global delivery conglomerate in the 1970s with more than 12 planes. Smith, born in 1944, was the executive chairman of FedEx until recently. He focused on issues of global significance, such as sustainability, innovation, and public policy. Subramaniam succeeded Smith as FedEx CEO in 2022. Subramaniam was the operations chief at that time. "Fred was much more than the founder of a great company and a pioneer in an industry. Subramaniam wrote in a...

Sometimes the pain of China limiting exports is so severe that it can be crippling. This can cause a huge outcry to occur almost instantly. Sometimes the pain is felt immediately, while other times it can take longer. China's late-last-year restrictions on the critical mineral antimony have caused major headaches for lead-acid battery makers around the world. Their customers are also affected by these high costs, as they have to pay more. Steve Christensen is the executive director of the Responsible Battery Coalition in America, which includes battery manufacturer Clarios, Honda, and FedEx. He mentioned the importance of batteries in...

People familiar with the situation said that private equity firms such as Blackstone and Apollo Global Management are interested in buying U.S. trucker Forward Air. Signing confidentiality agreements allowed them to receive information and review documents to help shape a possible bid. Platinum Equity and Clearlake Capital can also review materials after signing agreements, according to the sources. Sources said that the initial takeover bids will be submitted in the first week of the month of July. However, they noted that there was no guarantee four buyout firms would make offers. It is possible that other bidders will emerge. Sources...